A Changing Economy

Enterprise, the creation of something new, requires a combination of head, heart and hands. Good ideas (head) must be pursued with passion (heart), before being executed with skill and expertise (hands).

All three are crucial to innovation, and if the barriers to realising a good idea are insurmountable, enterprise goes begging.

Ensuring Victoria is ready to accommodate and benefit from changes in the global economy is a key function of responsible and proactive planning.

The challenge of creating the jobs of tomorrow comes at a time when industries across the economic spectrum are going through major changes driven by globalisation, advances in technology, disruption of existing business models, and shifting social attitudes and ways of working.

These factors are combining to make change more rapid, labour more mobile, and businesses more dynamic, often resulting in more collaborative working models and compressed time frames to turn ideas into new products, processes or services.

Innovation is becoming increasingly urban, with a growing preference for dense, accessible and amenity-rich precincts - "Enterprise Precincts".

Our future prosperity will reflect how well we manage the transition in our economy as well as the transition of the urban environment it operates within.